The SpaceTech company, Manastu Space has secured a $3 million Pre-Series A round, led by IAN. The company in its statement said that the funding will be used to develop cutting-edge space technology and scale its business.
IAN investors such as KRS Jamwal, executive director of Tata Industries investing in his personal capacity, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, were active participants in this funding round.
Manastu is developing green propulsion systems for satellites and hopes to validate its technology during a test flight in the coming year. It is also designing a fuel station in space to provide in-orbit refueling service for satellites that otherwise have to be abandoned after the onboard fuel is exhausted.
Tushar Jadhav, co-founder of Manastu Space while emphasising the role of India's Research and Development progress and cutting-edge technologies in achieving global prominence in the space sector said that the trust of investors will help the company to scale up further.
Ashtesh Kumar, Co-founder and CTO of Manastu Space expressed, "We are actively developing a versatile Green Propulsion System designed for satellites, enhancing their maneuverability in space and safeguarding them from potential collisions with space debris. This solution is indispensable in meeting the current and escalating demands for space sustainability."
We underscored the critical issue of space debris, which poses a significant threat to the future of space exploration. With over 160 million fragments of space debris hurtling through space at speeds of up to 8 km/s, the risk of collisions is substantial. Such collisions can generate even more debris, potentially triggering a chain reaction that could jeopardise the safe launch and operation of spacecraft in orbit. Manastu Space is also actively engaged in developing autonomous collision avoidance systems and satellite refueling capabilities in space. These advancements are designed to make satellites reusable, helping to ensure a sustainable and accessible space for future generations, he added.
The SpaceTech company has already secured key contracts, including one with the Indian Defense, established partnerships with entities such as Latitude, a French startup, and recently formalised an agreement with iDEX, the Defense Innovation Organisation, underscoring the substantial potential of their product.
The company provides complete propulsion systems to satellite manufacturers including fuel, engine, tank, and accessories to satellite manufacturers. With a 60 per cent affordable propulsion system, customers can save as much as 30 per cent on cost per satellite or earn 30 per cent more revenue due to increased payload while also saving their satellites from debris.